Federal Government Expected To Post Deficit of Roughly $1 Trillion This Year

The Financial Management Service ("FMS") of the Department of the Treasury released their "Monthly Treasury Statement of Receipts and Outlays of the United States Government" report earlier this week.

According to the FMS, the US government posted a deficit of $119,995,000,000 (approximately $120 billion) in the first month (October) of FY2013.

This deficit was based on outlays of roughly $304.3 billion and receipts of roughly $184.3 billion.

The deficit reported in October 2012 was approximately $21.5 billion higher than October 2011, when the country posted a deficit of $98.5 billion on outlays of $261.5 billion and receipts of $163.1 billion.